BNB Bulls Charge Back: 500M Addresses, $117M Buys Signal Imminent Rally

Binance Coin (BNB) appears poised for a bullish breakout, as market sentiment begins to shift. Despite a 4.53% decline over the past 24 hours, BNB's bullish momentum seems likely to resume. Recent on-chain market activity suggests a probable BNB price boom in the coming sessions due to its decidedly bullish outlook.

There has been a notable rise in the number of unique addresses on the BNB Chain over the past 24 hours, reaching a new all-time high of 500 million addresses. This milestone indicates growing adoption, which could positively impact BNB, its native token, as increased transactions and usage would likely coincide with a market rally.

Market sentiment and on-chain analysis indicate a potential price surge for BNB in the upcoming trading sessions. Spot traders have been on a buying spree for BNB over recent weeks, with $117.84 million worth of BNB purchased between the 27th of January and press time. This was determined through Coinglass exchange netflow data, which has turned negative, suggesting increased buying activity.

The derivative market shares a similar bullish sentiment. Binance top derivative traders are currently the most optimistic, with the long-to-short ratio reading 2.369. This indicates more buyers than sellers, as higher values above 1 signal increased buying activity.

BNB's price has started aligning with bullish sentiment on the charts, and has started reclaiming a support level breached recently. At press time, it was trading near the $605.90 support, which could serve as a catalyst for a significant upward move, clearing the upside liquidity marked in blue and targeting $793.86. Adding to the bullish outlook is the Parabolic SAR (Stop and Reverse) indicator, which uses dots to identify potential price trends and reversals. When the dots form below the price, it signals an upward trend. The Parabolic SAR has formed below BNB's press time price, indicating bullish momentum and a potential price surge in the upcoming trading sessions, further increasing the likelihood of a rally.